The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-05-07

Editor Of The PtbGLd NetrS-
\ glance at the contract between the
Trustees of the Internal Improvement
Fund and Mr.. Disston. for the purchase
by the latter of the 1905. 900 acres of
land, excites a surprise which is only in
tensified by full consideration of the
subject.
The glowing accounts derived from the
visitors. citizens and press OF the East
and South in respect to the value of the
lands of those sections, as well as the in
creasing tide of immigration flowing to
them. had made the impression that ten
millions owned by the State constituted
a magnificent domain. which, converted
into money, and that wisely funded,
would in a decade or two. render taxa
ton almost unnecessary.
How natural, then, is the astonishment
occasioned by the announcement that the
cream of that great estate to the extent
of 4,O00,0OO of acres, was sold at the pal
try price of twenty-five cents per acre.
and over fOur-fifths of that price payable
| in deprecated paper, or what was such
the hands of Mr.. Dsston.
Ii our fellow citizens of the East and
South, and the newspaper men as well.
has studiOusly misrepresented the quail
| ity of the Lands in those portions of the
State; if instead of being fit for orange
groves. sugar plantations, cotton fields,
and semi-tropical culture. they are like
our own western glades. bordering the
streams and striking the high lands.
worthless, except for the scattering pines
they bear, then indeed, that contract was
a reasonable one, as To price; but, if on
the other hand, the press and other ac-
counts of their value and capabilities are
unexagerated, Is the steady tide of en-
migration they invite would seek to in
dictate, then, then, the contract is indeed
incomprehensible. whether regarded fl
nancIally. or in its bearing upon the pop
ulation and wealth of the State.
Tie time selected for the operation
was, indeed. well chosen: for money was
then, as it is now, Begging for invest
ment- at I To- } per cent. interest. Now
If in this plethora $50 49,. .slras ~ land
can Goiimand 81 .OOO. 900 ON purchase.
certainly eight out of ten or nine mil
lions of acres owned by the State would
be ample security for like sum or loan,
aside from any Endorsement by the State.
The proceed of sales stimulated by re-
| duced rates To settlers and al jacent cul-
tivators. would create a sinking fund be-
sides providing interest. Inability to ef-
feet such "a loan, at this time, would
| argue indifference or incapacity, ON the
part of the negotiatOr.
If then such a loan was practicable.
the lands such are they as represented
To be, and there existed an urgent neces-
| sIty tn raise a milton of dollars: the
| question arises-w'hy sell at a paltry
| price per acre-the price indeed of sec
| ond class watermelon-instead of resort
ing to a loan. which would give the
| State the benefit of that advanced price
To which a few years will bring, and
which constitutes Mr.. DIS. inducement
to purchase.
But have already limited, the price
was not in any true financial sense-25
1
first payment of 100000 cash. the re-
manning payments are To be made i'm
| the obligations of the Internal Improve
ment Funds at par. Now why has the
| purchaser stipulated the right To pay in
such paper. Obviously, because
he could procure it at price below
its par value. the contract being
80 framed as To- authorize him to
abandon it after having made this cash
payment of 5000. 600. and taken land
therefor; and, thereby. enabling him
through that option. to exercise "a pres
sure ON the holders of the paper. In a
| word. it places him in a position To say:
Sell men your paper at ~ cents ON the
dollar, and will execute the contract in
its entirety; refuse. and | will abandon
it after paying the S2oO, 900. and taking
land to that extent"
Now. what would business man do
| in the circumstances in which the trIIs-
tees were called upon To act: Would he
not reason thus, and act accordingly:
Debts To the amount of $1,000 200 are
To he pail: the fund which is found for
them Is ample To pay them. six times
over; but. owing 10 encouragement.
they are deprecated and the fund Is dis
credited. Two things | will do. | will
quietly negotiate loan. and. after per
fecting my arrangements, instead of
cackling over my financial egg. l will
cautiously send out my agents to
buy up the securities at their
market value. for the benefit
Of the fund. BY 50 doing should save
100000, thereby reducing the loan to
$500. 600. and providing or rather saving
two years interest at 8 per cent. on that
amount. This much in respect u the
purely financial aspect of the contract.
Let Us see how it appears from the
standpoint of population and wealth.
Four millions of acres are put in the
hands of millionaire. to be held until
the money, enterprise and labor of the
adjacent owners bring it up to its maxi
mum relative value. whether il be 81 or
$50 per acre; for YOU must remember
such a man never sells a. long as en-
hapced values over balances interest and
taxes Indeed. if East and South Flor
ida lands are what they have been repre-
sented. the motive which prompted Mr.